Overview
- Provides a detailed and empirical case study of the private pensions industry in Chile
- Offers insights into rent-seeking behaviour that can be applied in global contexts
- Explores how state regulation has facilitated the accumulation of capital for pension fund administrators
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About this book
This book argues that the implementation of compulsory, highly regulated, privately administered, defined contribution pensions facilitates rent-seeking behaviour on the part of the pension fund administrators and undermines the retirees’ income and well-being. While the book focuses primarily on Chile, its analysis and conclusions are applicable to several Latin American and Eastern European countries where privately administered pension systems have been implemented. Chapters evaluate the scholarly literature and empirical evidence around three aspects of the pension fund industry: structure, pricing and performance. The authors conclude that state regulation has facilitated the accumulation of capital in the hands of the pension fund administrators. They also demonstrate that these systems owe more to the values and principles of conservative philosophy than to neoliberalism in providing alternative solutions to the rent-seeking approach to retirement.
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Keywords
Table of contents (5 chapters)
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Front Matter
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Back Matter
Authors and Affiliations
About the authors
Mark Hyde is a Reader in Work and Pensions at the University of Plymouth, UK. His most recent work on the privatisation of pensions has included several books and monographs: The Marketization of Social Security (2001), The Privatization of Mandatory Retirement Income Protection (2006), The Intergenerational Covenant (2010) and Classical Liberalism and Conservatism (2014).
Silvia Borzutzky is a Teaching Professor at Carnegie Mellon University, USA. She has written extensively on Chilean politics and social security policies. She is the author of Vital Connections: Politics, Social Security and Inequality in Chile (2002), and co-editor of After Pinochet: The Chilean Road to Capitalism and Democracy (2006), and The Bachelet Government: Conflict and Consensus in Post-Pinochet Chile (2010).
Bibliographic Information
Book Title: Rent-Seeking in Private Pensions
Book Subtitle: Concentration, Pricing and Performance
Authors: Mark Hyde, Silvia Borzutzky
DOI: https://doi.org/10.1057/978-1-137-58035-1
Publisher: Palgrave Macmillan London
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2016
Hardcover ISBN: 978-1-137-58034-4Published: 09 September 2016
eBook ISBN: 978-1-137-58035-1Published: 31 August 2016
Edition Number: 1
Number of Pages: XV, 147
Topics: Personal Finance/Wealth Management/Pension Planning, Financial Services